A further increase in the gross recoverable resources is anticipated at Guyana’s Stabroek Block, adding to the recently upgraded 9 billion boe estimate, according to Hess Corporation. Greg Hill, Chief Operating Officer, explained to investors on the company’s Q3 earnings call last week that the 9 billion barrels of oil equivalent (boe) upgrade that was... Continue Reading →
South America’s Offshore Output Set to Surpass North America’s by 2024
South America’s offshore output is on track to surpass volumes coming from North America by 2024, energy intelligence group GlobalData said Tuesday. While several projects in Brazil and Guyana have taken final investment decision (FID), and are less likely to be postponed or suspended, offshore US and Mexico tell a different story, GlobalData says. Key... Continue Reading →
Hess posts wider-than-expected third quarter loss, cuts annual production forecast
(Reuters) - U.S. oil and gas producer Hess Corp HES.N reported a wider-than-expected loss on Wednesday and slightly lowered its full year production forecast, as its operations were affected by hurricanes in the Gulf of Mexico and lower production in South East Asia. The company also cut its exploration and production budget for the year to $1.8... Continue Reading →
Don’t Go Chasing (Deep) Waterfalls: The Future of Drillship Financing
The oil majors’ retreat from frontier plays limits future drillship demand with deepwater, investment looks limited to Brazil and Guyana, writes Gregory Brown, Maritime Strategies International. The future of offshore deepwater investment is under the microscope. In a world where oil demand may have peaked and Opec and its allies have at least 7 Mn... Continue Reading →
KOTUG Anchor Handler Secures Offshore Work in Guyana
Dutch marine services and towage company KOTUG said it has been awarded a long-term contract by ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) to provide offshore terminal towage support for operations in Guyana. KOTUG, through local entity KOTUG Guyana Inc., will employ a high-spec 130 tonnes bollard pull, DP-2 azimuth anchor-handling tug SD... Continue Reading →
The South American Deepwater Sector
2020 set the stage for a profound transformation in the oil and gas industry. The oil and gas industry was already facing a challenging transition process as economies move toward a low-carbon future; however, surviving and prospering in a low-oil-price and high-risk environment is an even greater and more urgent challenge. Producers with relatively high-cost... Continue Reading →
Brazil among the top world oil producers
Leveraged by the pre-salt, Brazil was the fifth country that most increased oil production between 2011 and 2019, in the world. One of the main highlights of oil geopolitics in the decade of 2010, the expectation is that Brazil's relevance in the global market will increase even more in the coming decades. Valor’s Survey, based... Continue Reading →
Noble Corporation scores rig extension deal with ExxonMobil
Offshore drilling contractor Noble Corporation has been awarded a long-term extension for the ultra-deepwater drillship Noble Tom Madden from ExxonMobil. Noble said on Thursday that it has been awarded approximately 6.5 years of additional contract term under the commercial enabling agreement (CEA) with ExxonMobil for work offshore Guyana. The Noble Tom Madden was previously contracted... Continue Reading →
Hess sells stake in Gulf of Mexico field to fund Guyana project
Oil and gas company Hess Corporation has entered into an agreement to sell its 28 per cent working interest in the Shenzi field in the deepwater Gulf of Mexico to BHP to fund a project in Guyana. Hess said on Monday it is selling its stake to BHP, the field’s operator, for a total consideration... Continue Reading →
Shawcor’s Coatings for Payara
Pipeline coatings company Shawcor will deliver thermal insulation and anti-corrosion coating services for the ExxonMobil-operated Payara development offshore Guyana. ExxonMobil, with its partners Hess and CNOOC, sanctioned the development of the Payara oil field earlier this week. The contract, awarded to Shawcor's pipe coating division by the Italian offshore oilfield services firm Saipem, is worth between 55... Continue Reading →
Brazil Energy Insight 